Groww retains lead in stock broking amid falling user base in September

The Indian stock market’s active user base, after rebounding in August 2025 with 0.5% growth to 46.19 million clients, fell once again in September 2025 by 1.92% to 45.31 million clients.

IPO-bound Groww maintained its leadership in the stockbroking space with 11.9 million active users and a 26.28% market share, though its user base slipped 1.36% month-on-month from 12.07 million in August.

Zerodha retained the second spot with a 15.64% market share and 7.09 million active clients, followed closely by Angel One with 6.89 million clients and a 15.2% share. Both brokers recorded month-on-month declines of 2.43% and 2.28%, respectively.

Upstox witnessed another sharp month-on-month decline of 4.24%, taking its active client base down to 2.28 million and its market share to 5.03%.

Among traditional stock brokers, ICICIDirect with 1.97 million users (4.36% share), HDFC Securities with 1.52 million (3.34%), and Kotak Securities with 1.41 million (3.11%) maintained their positions at fifth, sixth, and seventh place respectively.

Recently turned unicorn dhan, which raised $120 million at a $1.2 billion valuation, maintained its position at the ninth spot with a 2.16% market share and 9.8 lakh active clients despite a 0.97% month-on-month decline.

Paytm Money, with 7.8 lakh users and a 1.71% market share, moved up to the 11th position after registering 2.28% month-on-month growth, while INDmoney slipped to 12th with 7.4 lakh users and a 1.63% share following a 3.86% decline.

Mirae Asset saw the largest month-on-month jump of 12.35% reaching 3.3 lakh active users, while PhonePe’s Share.Market recorded a further decline of 5.29% to 2.9 lakh users.